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Japan’s Nikkei declined as the yen rose and worries about a US recession

Japan’s Nikkei fell on Wednesday, its first loss in four days, as auto and energy stocks took a hit from a rising yen and fears of a US recession.

The Nikkei index extended its losses in the afternoon session, to close down 1.68 percent at 27,813.26 points, dropping below 28,000 points for the first time this month.

The index had risen 1.82 percent over the previous three sessions, touching the highest level since March 10.

The broader Topix index fell 1.92 percent to 1983.84 points, after three days of gains, by 1.99 percent.

Investors sold shares that rose in the past days to take profits, and shares of energy companies were among the hardest hit.

The yen continued to climb to reach 131.315 against the dollar, which affected sentiment broadly and dealt a blow to automakers in particular, as the value of overseas sales declined.

Shares of Toyota Motor fell 2.45 percent, Honda Motor 2.23 percent, and Mazda Motor 3.33 percent.

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